Atlanta Housing Board Approves $105 Million in Affordable Housing and Resources

Resolutions support 903 new affordable housing units Atlanta

ATLANTA, July 30, 2024 /PRNewswire/ — To answer Atlanta To address critical affordable housing needs, the Atlanta Housing (AH) Board of Commissioners approved key resolutions to finance and construct 1,039 new units, 903 of which will be affordable, and preserve 140 affordable units across the city. These resolutions represent an AH investment of approximately $105 million in terms of housing opportunities and resources, with a total development cost of approximately $326 million for the creation of new units The new units will provide families with a quality place to call home, promoting lasting community ties and stability.

Since the beginning of the strategic planning period, Atlanta Housing has created a total of 1,585 units, 1,408 of which are designated as affordable. This includes the recently closed Heritage Village in West Lake, a redevelopment of the vacant Job Corps site, formerly the Waluhaje Hotel, offering 102 fully affordable Home Flex units for households earning 30 percent or less of the area median income. Since the beginning of AH’s plan, the agency has also preserved 3,058 affordable units, including a recently closed, which will significantly renovate the Columbia Heritage Senior Living community on the former Waluhaje Hotel site. Perry Houses The resolutions approved today will help continue AH’s mission of creating safe, quality housing options for people in need.

“With one of the most ambitious programs we’ve had in the last 5 to 10 years, we’re making progress,” said Terri M. LeePresident and CEO of Atlanta Housing. “And while the number of units identified today is impressive, the Board’s approval of permanent assisted living will provide comprehensive services to residents beyond the ‘bricks and sticks’ of construction. This is at the heart of our work. We are urgently committed to using quality affordable housing as a vehicle for stability and empowerment for as many Atlantans as possible.”

Creation of affordable housing

Atlanta Housing Takes Proactive Approach to Combat Housing Crisis AtlantaThe Council approved several projects that will significantly increase the stock of affordable housing in Atlanta:

• Stadium Hotel:231 affordable units with a total development cost (TDC) of approximately $54 million and an AH investment of $18.2 million.
• Herndon Square Phase III:178 units, including 151 designated as affordable, at a TDC of $76 million and an AH investment of $15.9 million.
• Woodland Hills II:233 units, fully affordable, with a TDC of $51.2 million and an AH investment of $10 million. It also creates 24 units of permanent supported housing within the development.
• Englewood Phase 1C:81 units, including 16 affordable units, currently in pre-development with an AH investment of $400,000.
• Magnolia Perimeter Bundles:8 affordable units with a TDC of $2.4 million and an AH investment of $600,000.
• Quest Residences at Holly Hills: 9 affordable HomeFlex-Haven units for people experiencing homelessness. These units are part of a larger project of 40 units for a total development cost of $14.9 millionwith AH providing 10 years of rental subsidies and an AH investment of $1.25 million.
• Civic Center:148 affordable units for seniors with a total development cost of $58 million and an AH investment of $7.2 million.
• Bowen Houses:151 units, including 107 designated as affordable, for a total development cost of $69.7 million and an AH investment of $18.7 million.

“Today’s investments are not just about providing housing; they are about building communities and creating opportunity for Atlantans to thrive,” said Atlanta Housing Board Chairman. Larry Stewart“The significant progress recently made towards AH’s strategic objectives is a testament to Terri Lee “The Council will respond to his emergency call.”

Atlanta Housing’s recent development push advances the agency’s goal of creating or preserving 10,000 affordable housing units, as outlined in its 5-year strategic plan. To date, AH has achieved approximately 44 percent of its affordable housing goal. City of Atlanta Mayor André Dickens goal of creating and preserving 20,000 affordable housing units by 2030.

Additional information about housing activity approved by the Atlanta Housing Board of Commissioners can be found here.

ABOUT ATLANTA ACCOMMODATION

President and CEO Terri M. Lee heads the Housing Authority of the City of Atlanta, Georgia (AH), the largest housing authority in Georgia and one of the largest in the nation. AH carries the prestigious Moving to Work (MTW) ​​designation and is an industry leader in providing and facilitating affordable housing resources for nearly 27,000 low-income households comprised of approximately 45,000 individuals through its AH-owned residential communities, tenant- and project-based vouchers, supportive housing, and down payment assistance, where innovation leads the approach to make the dream of homeownership achievable for more Atlantans. Atlanta’s housing programs are funded by the U.S. Department of Housing and Urban Development.

Visit AH at www.atlantahousing.org or follow us on social media @housingatlanta.

SOURCE HOUSING AUTHORITY CITY OF ATLANTA